The paper presents a novel technique to control the current of an electromagnetic linear actuator fed by a multilevel IGBT voltage inverter with dynamic energy storage. The technique uses a “cascade model predictive control (MPC),” which consists of two MPCs. A predictive control of the trajectory position predicts the optimal current, which is considered to be the desired current for the second MPC controller in which a hysteresis control technique is also integrated. Energy is stored in a capacitor using energy recovery. The current MPC can handle a capacitor voltage higher than the source voltage to guarantee high dynamic current and disturbance compensation. The main contribution of this paper is the design of an optimal control structure that guarantees a capacitor recharge. In this context, the approach is quite new and can represent a general emerging approach allowing to reduce the complexity of the new generation of inverters and, in the meantime, to guarantee precision and acceptable switching frequency. The proposed technique shows very promising results through simulations with real actuator data in an innovative transportation technology.